Crazy prices for rent

[dems4me]

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Originally posted by Pete
Stop wishing my equity will go down. Wish yourself a huge pay raise instead.

I tried that -- but the trickle down theory just isn't working here

 

[Pete]

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Originally posted by dems4me
I tried that -- but the trickle down theory just isn't working here

Then better yourself and get a better job instead of dragging the rest down so you can buy a house.

 

[dems4me]

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Originally posted by Pete
Then better yourself and get a better job instead of dragging the rest down so you can buy a house.

I have a good job, its the cost of living in the tri-county area that bother's me - somd used to be reasonably priced -- now its just outrageous...:shrug: You wish for what you want to wish for and I'll wish for what I want to wish for... sounds fair enough to me :shrug: I'm not dragging anyone anywhere

 

[huntr1]

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Originally posted by terp03
Renting is definitely not an investment, but it does make sense if you do not plan on being in an area for a long period of time. If you buy a house and sell after a short period of time you can lose money.

In today's real estate market, if you buy a house and sell it a short time later, you can make money. If you rent an apartment, you lose money, period.

 

[huntr1]

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Originally posted by dems4me
I have a good job, its the cost of living in the tri-county area that bother's me - somd used to be reasonably priced -- now its just outrageous...:shrug: You wish for what you want to wish for and I'll wish for what I want to wish for... sounds fair enough to me :shrug: I'm not dragging anyone anywhere

The tri-county area is still good. Compare the tri-county to Montgomery. 500K for a 50 yr. old 1200 sq. ft. cape cod, 400K for a 20 yr. old 3 bed/2 bath townhouse. Neither with a yard. 200K for my 3 bed/ 2 bath/ 1250 sq. foot (plus another 1 bed/1 bath and 1250 unfinished in the basement) on 3/4 partially wooded acre is not bad.

 

[terp03]

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Originally posted by huntr1
In today's real estate market, if you buy a house and sell it a short time later, you can make money. If you rent an apartment, you lose money, period.

You'd be taking a big risk. You have to consider the early payments on your mortgage are only going towards the interest, not your principle. Plus there are additional fees and costs from the bank, lawyers and real estate agent (if you use one). So, the appreciation on your house will have to be greater than all of these factors for you to come out ahead.

I agree that buying is the way to go. But there are cases where it makes more sense to rent.

 

[dems4me]

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Originally posted by huntr1
The tri-county area is still good. Compare the tri-county to Montgomery. 500K for a 50 yr. old 1200 sq. ft. cape cod, 400K for a 20 yr. old 3 bed/2 bath townhouse. Neither with a yard. 200K for my 3 bed/ 2 bath/ 1250 sq. foot (plus another 1 bed/1 bath and 1250 unfinished in the basement) on 3/4 partially wooded acre is not bad.

Montgomery county is an exception -- I lived there for 4 years, in Damascus, Gaithersburg and Bethesda -- very, very pricey!! I didn't like it there though.

 

[huntr1]

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Originally posted by terp03
You'd be taking a big risk. You have to consider the early payments on your mortgage are only going towards the interest, not your principle. Plus there are additional fees and costs from the bank, lawyers and real estate agent (if you use one). So, the appreciation on your house will have to be greater than all of these factors for you to come out ahead.

I agree that buying is the way to go. But there are cases where it makes more sense to rent.

If you are going to be in the area for more than a year, I say buy. Houses are going up in price very fast. Just ask Pete about his neighbor's house.

 

[sleuth]

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Originally posted by huntr1
If you are going to be in the area for more than a year, I say buy. Houses are going up in price very fast. Just ask Pete about his neighbor's house.

My house is in White Sands... which everyone says is the Calvert County ghetto and its value has gone up $40K in the past year.

 

[huntr1]

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Originally posted by dems4me
Montgomery county is an exception -- I lived there for 4 years, in Damascus, Gaithersburg and Bethesda -- very, very pricey!! I didn't like it there though.

Mont. Co. is not an exception. The prices I was quoting are for Silver Spring/Wheaton. In downtown Silver Spring it costs $500K for a townhouse surrounded by a McD's, gas station, smelly rest. an office building and a parking garage. P.G. is just as bad (if you can find a decent area of P.G., Howard is just as bad, Frederick is just as bad.

 

[dems4me]

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Originally posted by huntr1
Mont. Co. is not an exception. The prices I was quoting are for Silver Spring/Wheaton. In downtown Silver Spring it costs $500K for a townhouse surrounded by a McD's, gas station, smelly rest. an office building and a parking garage. P.G. is just as bad (if you can find a decent area of P.G., Howard is just as bad, Frederick is just as bad.

I disagree... Montgomery county has always been high and there's a higher tax to live there too.

Unrelated -- which av do you like best huntr - the lady typing or this one?

 

[terp03]

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Originally posted by huntr1
If you are going to be in the area for more than a year, I say buy. Houses are going up in price very fast. Just ask Pete about his neighbor's house.

Like I said, its a risk. I think if you are new to an area, it is better to rent first and get a feel for the place. This is the best way to figure out if you want to live somewhere for long term. You can also figure out where the area (construction, recent crime trends, etc...) is heading and identify the real estate with the most potential.

 

[terp03]

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Originally posted by sleuth
My house is in White Sands... which everyone says is the Calvert County ghetto and its value has gone up $40K in the past year.

I'm not saying you can't make money buying and selling short term. But its a risk. Its certainly possible to lose money by doing that. Even if your house has "gone up" 40k, thats not a guarantee it will sell for that much. It could go for less, it could go for more. Plus, I keep hearing theories that there is a real estate "bubble". So who knows what the market will be like in a year.

I believe it makes more sense to rent short term, evaluate an area, and then buy.

 

[terp03]

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Originally posted by huntr1
Mont. Co. is not an exception. The prices I was quoting are for Silver Spring/Wheaton. In downtown Silver Spring it costs $500K for a townhouse surrounded by a McD's, gas station, smelly rest. an office building and a parking garage. P.G. is just as bad (if you can find a decent area of P.G., Howard is just as bad, Frederick is just as bad.

 

[unixpirate]

downtown Silver Spring

Look where your talking about. That explains the price.
I live in Wheaton and work in SS. My house is 220k.
Nice brick home.. 3 bedrooms upstairs, finished basement. driveway. nice fenced in back yard. 15 mins from the metro, shopping. what ever. crowded yes, but what ins't these days?

I also have a house in Hollywood. Much bigger then this one.
Split foyer sits on an acre. Bought that in 1995 for 103k. My mortgage is $880. You don't think for a minute I couldn't get double that in rent?
Its all about location.. location..

 

[Nickel]

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Originally posted by sleuth
My house is in White Sands... which everyone says is the Calvert County ghetto and its value has gone up $40K in the past year.

A friend of mine lives in White Sands.

 

[sleuth]

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Originally posted by Nickel
A friend of mine lives in White Sands.

awww... shucks... you consider me a friend?

 

[jwwb2000]

And people think real estate in Southern California is bad.........NOT!!! I only WISH we would have stayed in SoCAl!! Rent was cheaper and everything was right at our fingertips...the beach 15 minutes away, skiing about an hour away!! Guess I really miss the SoCal lifestyle compared to SIMB land.

 

[CMC122]

Originally posted by jwwb2000
SoCal lifestyle compared to SIMB land.

So where do you live

 

[BuddyLee]

Originally posted by Sheardelight
Does anyone else feel the prices that people are renting houses for in somd are crazy? Most people have refinanced because interest rates are low and are making some serious money off the renters in the area. I myself pay a reasonable amount for rent but if I had to look for another place I could not afford it.

Why do you think I haven't moved out yet?!?